goldbug9999 Posted July 2, 2016 Share Posted July 2, 2016 Front page story on Fridays edition. Here "There’s no end to how far prices could fall." Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 2, 2016 Share Posted July 2, 2016 It was a joy to read. Add long as the seeds of doubt are put in people's minds then they will be less likely to overpay for a horse out of fear that prices will keep rising. Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted July 2, 2016 Share Posted July 2, 2016 That was a good read but this is awesome: https://www.buzzfeed.com/patricksmith/does-a-london-slowdown-mean-the-uk-is-headed-for-a-housing-c?utm_term=.moqDW3RVO#.caxNx1rqO Long piece but when you get to Danny Dorling's comments you'll be rewarded for perseverance. Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 2, 2016 Share Posted July 2, 2016 In the early 90sLondon crashed ftom 5 times earnings to 2.5 times. Id hate to put a figure on London/earnings at themoment 25+? Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted July 2, 2016 Share Posted July 2, 2016 Henry Pryor is brilliant. I don't know how he gets away with insulting his clientèle though. Quote Link to comment Share on other sites More sharing options...
Tempus Posted July 2, 2016 Share Posted July 2, 2016 In the early 90sLondon crashed ftom 5 times earnings to 2.5 times. Id hate to put a figure on London/earnings at themoment 25+? Well, let's say the average salary is roughly £30K. The average property price is currently over £600,000. So about 20x. Another big problem with London is that 5x the average salary (so more than most mortgage lenders will lend you) gets you nothing. It would be literally nothing but you might find a studio flat in zone 5 or 6. Quote Link to comment Share on other sites More sharing options...
InlikeFlynn Posted July 2, 2016 Share Posted July 2, 2016 Lovely article. Unfortunately we haven't had enough of a run on sterling to force an interest rate rise, but it's early days yet. Quote Link to comment Share on other sites More sharing options...
999house Posted July 2, 2016 Share Posted July 2, 2016 It makes me so angry. I'sure the government are in on it, restricting supply on purpose. Quote Link to comment Share on other sites More sharing options...
Correction Posted July 2, 2016 Share Posted July 2, 2016 This is going to be spectacular, looking at Birmingham, supposedly lots of HPI going on. This one in Solihull is 25K higher than 2006 (9% higher before inflation taken into account) http://www.zoopla.co.uk/for-sale/details/40601639?search_identifier=dbda85d49a1e04a990c995aec05b27c6#EOG8fv43Mujj5IgR.97 and HPC hasn't even started yet Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 2, 2016 Share Posted July 2, 2016 Henry Pryor is brilliant. I don't know how he gets away with insulting his clientèle though. Perhaps is clientele are twisted character disordered masochists ? Quote Link to comment Share on other sites More sharing options...
AvoidDebt Posted July 2, 2016 Share Posted July 2, 2016 (edited) It's going to be spectacular!!!!! Lot's of deluded EA's still out there thou: this area is special, the links into the city are brilliant here, we have top schools etc etc thinking their area will be immune from the happenings in Central London. Nearly 3/4 of a million for a terrace in shi**y Southall with what looks like a 'bed-in-shed' business to go with it. http://www.rightmove.co.uk/property-for-sale/property-54918356.html (The man (drug dealer?) in the mirror on pic 4 looks a bit spooky too.) Take a look at the insane prices on RM to see exactly where this sh*t is heading. Rightmove has to be the greatest comedy that the Brits have ever produced. “It’s the biggest bubble we’ve ever had in our history. You tell me any point in the history of housing in the UK of anything comparable – this is the biggest.... Hello, biggest property bubble in Brit history; please meet the most unsettling political / economic event in Brit history... Edited July 2, 2016 by AvoidDebt Quote Link to comment Share on other sites More sharing options...
Tempus Posted July 2, 2016 Share Posted July 2, 2016 This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html Needless to say, brochures I saw for it were in Chinese. It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train. Quote Link to comment Share on other sites More sharing options...
Foreverblowingbubbles Posted July 2, 2016 Share Posted July 2, 2016 @tempus hahaha ha! That is peak insanity, even more so than the 'sky pool' from a year or so ago. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 2, 2016 Share Posted July 2, 2016 (edited) This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html Needless to say, brochures I saw for it were in Chinese. It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train. I lived in Peckham & worked in Deptford for many yrs. I feared having to move anywhere near Woolwich. Don't get me started on Plumstead Woolwich comments From 1 yr ago . https://www.theguardian.com/money/2015/jan/23/lets-move-woolwich-south-east-london-tom-dyckhoff osigiarak 23 Jan 2015 23:42 5 6 I live here, and can confirm it's a complete and utter hole. 1516 You know you've reached the absolute height of the London property bubble when terraces go for up to £625k in a s***hole such as Woolwich. God I hope that no FTBs are actually buying there at the moment - or anywhere in London for that matter. Three lifetimes worth of debt to live in sqallor. I bet you even in Dickens' time the middle class had it better. 78 The image associated with this article makes it look like a horribly depressing place to live, and the idea of paying over £200k for a "bargain" house there is ridiculous. 1314 ......and what an enticing photo to tempt us there to live...a muggers paradise view of a generic 70's shithole estate the kind I legged it from a while back which could be in any city in the Uk, but because it's within an hours choke filled journey from the square mile these depressing boxes are yours at a snip for 600,000. FFs Edited July 2, 2016 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted July 2, 2016 Share Posted July 2, 2016 This house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday Pure fantasy at £1.3 million. In fact, the same fantasy at £850k Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 2, 2016 Share Posted July 2, 2016 Dorling heavily implied that being from the right background, and almost certainly employing leveraged inherited wealth, is 'doing the right thing' in life Quote Link to comment Share on other sites More sharing options...
winkie Posted July 2, 2016 Share Posted July 2, 2016 No good living in a place where people are busy earning and paying debt and rents.....go where money is disposable and needs are plenty....or live in a place where nobody cares what you paid for your house or how much it is worth....only bricks after all...PPI...people price increase. Quote Link to comment Share on other sites More sharing options...
Tempus Posted July 2, 2016 Share Posted July 2, 2016 @tempus hahaha ha! That is peak insanity, even more so than the 'sky pool' from a year or so ago. Insanity for sure. You get 4 rooms and 2 bathrooms and a toilet http://media.rightmove.co.uk/8k/7231/39035721/7231_51488_FLP_00_0000_max_600x600.jpg in Woolwich, an area with high deprivation and where the 100-year-old Marks and Spencer recently closed down and reopened as a giant 99p Store. Take £1 million off the price and it's still insane. But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge. Quote Link to comment Share on other sites More sharing options...
insertcoinstocontinue Posted July 2, 2016 Share Posted July 2, 2016 Pure fantasy at £1.3 million. In fact, the same fantasy at £850k As London his uses go I'd say this one is rather charming. Still 50% over priced though Quote Link to comment Share on other sites More sharing options...
Pork Pie Posted July 3, 2016 Share Posted July 3, 2016 "A house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday" THATS some FALL...! Lets hope we get more of this from the MSM! Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 3, 2016 Share Posted July 3, 2016 This sums it up for me. http://www.rightmove.co.uk/new-homes-for-sale/property-39035721.html Needless to say, brochures I saw for it were in Chinese. It's a £2 million penthouse in "Royal Arsenal Riverside, London". Which translated means it's a flat in a tower block in Woolwich. But hey it's near Crossrail so you'll get to London 15-20 minutes quicker than by train. Penthouse? It looks like quite a modestly sized 3-bed flat. I suppose these days that counts as a 'penthouse'. Quote Link to comment Share on other sites More sharing options...
Venger Posted July 3, 2016 Share Posted July 3, 2016 ..Take £1 million off the price and it's still insane. But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge. Who made their own decisions at the end of it. They should know they lack local knowledge. Buying from brochures. And these prices are a tell-tale sign for anyone, anywhere. If they're been in the market at these prices, to transact and proceed, then they've likely got some sophisticated mind reasoning to have that money in the first place. (Even the deposit). Unless inherited. If values of these high end newbuild apartments fall, those who have paid have to wear their losses. 20% was standard deposit for a few other newbuild exclusive schemes I've read about. Some have completed, others not. Specific performance... keep the deposit, and sell again, at lower price. And it's been mad-gainz so far. Newbuild buyers have very little impact on me, from my pov. Quote Link to comment Share on other sites More sharing options...
Venger Posted July 3, 2016 Share Posted July 3, 2016 This house in Streatham was for sale at £1.3 million last June. The price was cut to £850,000 on Wednesday Pure fantasy at £1.3 million. In fact, the same fantasy at £850k Agreed. Hyper bubble excitement over nothing. Awaiting proper adjusting moves down. Actually has been on at £899,950 as of 24 June 2015. (Possibly more info there... maybe the £1.3m asking price start.. but I don't have PB installed atm) http://www.rightmove.co.uk/property-for-sale/property-35146248.html Current listing http://www.rightmove.co.uk/property-for-sale/property-59745524.html Sold prices for that postcode http://www.rightmove.co.uk/house-prices/SW16-2LS.html Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 3, 2016 Share Posted July 3, 2016 Insanity for sure. You get 4 rooms and 2 bathrooms and a toilet http://media.rightmove.co.uk/8k/7231/39035721/7231_51488_FLP_00_0000_max_600x600.jpg in Woolwich, an area with high deprivation and where the 100-year-old Marks and Spencer recently closed down and reopened as a giant 99p Store. Take £1 million off the price and it's still insane. But this sort of stuff was aimed at fooling foreign investors. Show them the glossy 'Royal Arsenal' brochures and fool them based on their lack of local knowledge. Typical these days. Nobody has a brass penny to spend on the high street, but oh boy, if they can just somehow wangle a cheapo sub 2% £250,000 mortgage, they don't blink. Northampton has Abington St full of £1 and discount shops, then Bridge St full of estate agents advertising massively over-priced properties. Quote Link to comment Share on other sites More sharing options...
crash2006 Posted July 3, 2016 Share Posted July 3, 2016 Front page story on Fridays edition. Here "There’s no end to how far prices could fall." Rosedene Avenue, Streatham, SW16 Five-bedroom house has off-street parking, large kitchen/dining room, four reception rooms and a large back garden. First for sale at £1.3 million last June. Price cut to £850,000 on Wednesday. lol the homes there are crap. Quote Link to comment Share on other sites More sharing options...
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